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                                                                    EXHIBIT 10.1

                                   LANCE, INC.

               2001 ANNUAL PERFORMANCE INCENTIVE PLAN FOR OFFICERS


Purposes and Introduction           The primary purposes of the 2001 Annual
                                    Performance Incentive Plan for Officers are
                                    to:

                                    o        Motivate behaviors that lead to the
                                             successful achievement of specific
                                             sales, financial and operations
                                             goals that support Lance's stated
                                             business strategy.

                                    o        Emphasize link between
                                             participants' performance and
                                             rewards for meeting predetermined,
                                             specific goals.

                                    o        Improve the competitiveness of
                                             total cash pay opportunities.

                                    o        Help establish performance
                                             orientation at Lance and
                                             communicate to employees that
                                             greater responsibility carries
                                             greater rewards because more pay is
                                             "at risk."

                                    For 2001, participants will be eligible to
                                    earn incentive awards based on Company
                                    performance in Earnings Per Share (EPS),
                                    Lance Co. operating profit, Subsidiary
                                    operating profit and individual performance
                                    objectives.

                                    To achieve the maximum motivational impact,
                                    plan goals and the rewards that will be
                                    received for meeting those goals will be
                                    communicated to participants as soon as
                                    practical after the 2001 Plan is approved by
                                    the Compensation Committee of the Board of
                                    Directors.

                                    Each participant will be assigned a Target
                                    Incentive Award, stated as a percent of Base
                                    Salary. The Target Incentive Award, or a
                                    greater or lesser amount, will be earned at
                                    the end of the plan year based on the
                                    attainment of predetermined goals.

                                    Following year-end, 100% of the awards
                                    earned will be paid to participants in cash.

Plan Year                           The period over which performance will be
                                    measured is the Company's fiscal year.

Eligibility and Participation       Eligibility in the Plan is limited to
                                    Officers of Lance and Presidents of its
                                    Subsidiaries who are key to Lance's success.
                                    The Compensation Committee of the Board of
                                    Directors will review and approve
                                    participants nominated by the President and
                                    CEO.


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                                    Participation in one year does not guarantee
                                    participation in a following year, but
                                    instead will be reevaluated and determined
                                    on an annual basis.

                                    Participants in the Plan may not participate
                                    in any other annual incentive plan (e.g.,
                                    sales incentives, etc.) offered by Lance or
                                    its affiliates. Attachment A includes the
                                    list of 2001 participants approved by the
                                    Compensation Committee at its January 29,
                                    2001 meeting.

Target Incentive Awards             Each participant will be assigned a Target
                                    Incentive Award expressed as a percentage of
                                    his or her Base Salary. Participants may be
                                    assigned Target Incentive Awards by position
                                    by salary level or based on other factors as
                                    determined by the President and CEO.

                                    Target Incentive Awards will be reevaluated
                                    at least every other year, if not annually.
                                    If the job duties of a position change
                                    during the year, or Base Salary is increased
                                    significantly, the Target Incentive Award
                                    shall be revised as appropriate.

                                    Attachment A lists the Target Incentive
                                    Award for each participant for the 2001 Plan
                                    Year. These Awards will be reviewed and
                                    adjusted annually by the Compensation
                                    Committee. Target Incentive Awards will be
                                    communicated to each participant as close to
                                    the beginning of the year as practicable, in
                                    writing. Final awards will be calculated by
                                    multiplying each participant's Target
                                    Incentive Award by the appropriate
                                    percentage (based on financial and
                                    individual performance for the year, as
                                    described below).

Individual Performance              Each Officer (other than those named in the
                                    last sentence of this paragraph and the
                                    first sentence of the next paragraph) will
                                    receive 75% of his or her Incentive Award
                                    based on Earnings Per Share. The remaining
                                    25% of each Officer's Incentive Award will
                                    be based upon the determination by the
                                    Compensation Committee in its discretion as
                                    to the individual performance of the Officer
                                    in meeting his or her individual goals for
                                    the year. Presidents of Subsidiaries will
                                    receive 10% of his or her Incentive Award
                                    based on Earnings Per Share and 90% of the
                                    Incentive Award will be based on the
                                    operating profit of his or her Subsidiary.

Performance Measures and            The 2001 financial performance measure will
Weightings                          be Earnings Per Share except that for the
                                    Vice President/President of Lance Co. the
                                    financial performance measures will be 10%
                                    Earnings Per Share and 65% Lance Co.
                                    operating profit and for the Vice President
                                    - Sales for Lance Co. the financial
                                    performance measure will be 75% Lance Co.
                                    operating profit. Specific goals and related
                                    payouts are shown below.



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<TABLE>
<CAPTION>
                                                                          2001 Goals and Related Payouts
                                                             --------------------------- ------------------------------
                                                                                         Payout as Percent
                                  Performance Measure        Goal                        of Target Award
                                  -------------------------- --------------------------- ------------------------------
                                  <S>                        <C>                         <C
                                  Corporate EPS

                                  Minimum                    2001 Annual EPS: $*         50% (if met at minimum)
                                                                                         If minimum is not met, no
                                                                                         payouts will be earned

                                  Target                     2001 Annual EPS: $*         100% (if met at target)

                                  Maximum                    2001 Annual EPS: $*         200% (if met at maximum)

                                  -------------------
                                  Lance Co. Operating Profit

                                  Minimum                    2001 Annual Operating       50% (if met at minimum)
                                                             Profit:  $* million         If minimum is not met, no
                                                                                         payouts will be earned

                                  Target                     2001 Annual Operating       100% (if met at target)
                                                             Profit:  $* million

                                  Maximum                    2001 Annual Operating       200% (if met at maximum)
                                                             Profit:  $* million

                                  -------------------
                                  Vista Operating Profit

                                  Minimum                    2001 Annual Operating       50% (if met at minimum)
                                                             Profit:  $* million         If minimum is not met, no
                                                                                         payouts will be earned

                                  Target                     2001 Annual Operating       100% (if met at target)
                                                             Profit:  $* million

                                  Maximum                    2001 Annual Operating       200% (if met at maximum)
                                                             Profit:  $* million

                                  -------------------
                                  Cape Cod Operating Profit

                                  Minimum                    2001 Annual Operating       50% (if met at minimum)
                                                             Profit:  $* million         If minimum is not met, no
                                                                                         payouts will be earned

                                  Target                     2001 Annual Operating       100% (if met at target)
                                                             Profit:  $* million

                                  Maximum                    2001 Annual Operating       200% (if met at maximum)
                                                             Profit:  $* million

                                  -------------------
                                  Tamming Operating Profit

                                  Minimum                    2001 Annual Operating       50% (if met at minimum)
                                                             Profit:  $* million         If minimum is not met, no
                                                                                         payouts will be earned

                                  Target                     2001 Annual Operating       100% (if met at target)
                                                             Profit:  $* million

                                  Maximum                    2001 Annual Operating       200% (if met at maximum)
                                                             Profit:  $* million
</TABLE>

                                    [*Targets not required to be disclosed.]


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                                    Percent of payout will be determined on a
                                    straight line basis between minimum and
                                    maximum. There will be no payouts based on
                                    EPS or operating profit unless the minimum
                                    EPS or operating profit is reached.

                                    The performance measures, specific numerical
                                    goals and the role of individual performance
                                    in determining final payouts will be
                                    communicated to each participant at the
                                    beginning of the year. Final performance
                                    awards will be calculated after the
                                    Committee has reviewed the Company's audited
                                    financial statements for 2001 and determined
                                    the performance level achieved.

                                    Minimum, Target and Maximum levels will be
                                    defined at the beginning of each year for
                                    each performance measure.

                                    The following definitions for the terms
                                    Maximum, Target and Minimum should help
                                    Lance set the goals for each year, as well
                                    as evaluate the payouts:

                                    o        Maximum: Excellent; deserves an
                                             above-market bonus

                                    o        Target: Normal or expected
                                             performance; deserves market level
                                             bonus

                                    o        Minimum: Lowest level of
                                             performance deserving payment above
                                             base salary; deserves below market
                                             bonus

                                    o        Below minimum: Deserves no
                                             additional pay beyond base salary

Form and Timing of                  Final award payments will be made in cash
Payments                            as soon as practicable after award amounts
                                    are approved by the Compensation Committee
                                    of the Board of Directors. All awards will
                                    be rounded to the nearest $100.

Change                              In Status In the event that a participant
                                    changes positions during the plan year,
                                    whether due to promotion, demotion or
                                    lateral move, at the discretion of the
                                    President and CEO, awards may be prorated
                                    for the year based on the length of time in
                                    each position.

                                    An employee hired into an eligible position
                                    during the year may participate in the plan
                                    for the balance of the year on a pro rata
                                    basis.



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Certain Terminations of             In the event a participant voluntarily
Employment                          terminates employment or is terminated
                                    involuntarily before the end of the year,
                                    any award will be forfeited. In the event of
                                    death, permanent disability, or normal or
                                    early retirement, the award will be paid on
                                    a pro rata basis after the end of the plan
                                    year. Awards otherwise will be calculated on
                                    the same basis as for other participants,
                                    except that any adjustment for individual
                                    performance will be based on performance
                                    prior to the termination of employment.

Change In Control                   In the event of a Change in Control, pro
                                    rata payouts will be made at the greater of
                                    (1) Target or (2) actual results for the
                                    year-to-date, based on the number of days in
                                    the plan year preceding the Change in
                                    Control. Payouts will be made within 30 days
                                    after the relevant transaction has been
                                    completed.

                                    For this purpose, a Change in Control is
                                    defined as when any person, corporation or
                                    other entity and its affiliates (excluding
                                    members of the Van Every Family and any
                                    trust, custodian or fiduciary for the
                                    benefit of any one or more members of the
                                    Van Every Family) acquires or contracts to
                                    acquire or otherwise controls in excess of
                                    35% of the then outstanding equity
                                    securities of the Company. For the purposes
                                    of this plan, the Van Every Family shall
                                    mean the lineal descendants of Salem A. Van
                                    Every, Sr., whether by blood or adoption,
                                    and their spouses.

Withholding                         The Company shall withhold from award
                                    payments any Federal, foreign, state, or
                                    local income or other taxes required to be
                                    withheld.

Communications                      Progress reports should be made to
                                    participants quarterly showing the
                                    year-to-date performance results and the
                                    percentage of target awards that would be
                                    earned if results remain at that level for
                                    the entire year.

Executive Officers                  Notwithstanding any provisions to the
                                    contrary above, participation, Target
                                    Incentive Awards and prorations for
                                    executive officers, including the President
                                    and CEO, shall be approved by the
                                    Compensation Committee.

Governance                          The Compensation Committee of the Board of
                                    Directors of Lance, Inc. is ultimately
                                    responsible for the administration and
                                    governance of the Plan. Actions requiring
                                    Committee approval include final
                                    determination of plan eligibility and
                                    participation, identification of performance
                                    goals and final award determination. The
                                    decisions of the Committee shall be
                                    conclusive and binding on all participants.


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                                  ATTACHMENT A



<TABLE>
<CAPTION>
   Name                    Title                                       Award                     Target
   ----                    -----                                       -----                     ------
<S>                        <C>                                         <C>                       <C>

P. A. Stroup, III          President & CEO                             *%                        $*

R. G. Tucker               Vice President and                          *%                        $*
                             President, Lance Co.

L. R. Gragnani, Jr.        Vice President                              *%                        $*
                            - Information Technology/CIO

E. D. Leake                Vice President                              *%                        $*
                            - Human Resources

F. I. Lewis                Vice President                              *%                        $*
                            - Sales

B. C. Preslar              Vice President                              *%                        $*
                            - Finance/CFO

R. S. Carles               Secretary/Counsel                           *%                        $*

D. R. Perzinski            Treasurer                                   *%                        $*

M. E. Wicklund             Controller and                              *%                        $*
                           Assistant Secretary

H. D. Fields               President, Vista Bakery, Inc.               *%                        $*

A. C. Cusano               President, Cape Cod Potato                  *%                        $*
                            Chip Company, Inc.

J. D. Blair                President, Tamming Foods, Ltd.              *%                        $*
</TABLE>


[Target awards omitted for participants as targets not required to be
disclosed.]